The federal government has set a record for tax revenues collected through the first 11 months of fiscal 2013 — yet still ran a deficit of $755 billion during the same period.
The government collected nearly $2.5 trillion — $2,472,542,000,000 to be exact — and spent $3,227,888,000,000 from Oct. 1, 2012, through Aug. 31, according to the monthly Treasury statement for August.
The revenue was up about $285 billion from the first 11 months of fiscal 2012.
The increase was due largely to legislation passed at the end of 2012 raising taxes. The top income tax rate rose from 35 percent to 39.6 percent, the top tax rate on dividends and capital gains rose from 15 percent to 20 percent, and certain personal exemptions and deductions were phased out for high earners, CNS News reported [...]